Real estate information service provider, AtHome, announced that the average sale prices on new homes in Tokyo for the month of March had decreased by 8% compared to March of 2009. The average sale price was 31.32 million Yen for March, 2010. However, prices are up by 2.6% compared to the previous month.

The reason for the increase is due to the large number of properties in Tokyo’s 23 Wards that sold for more than 50 million Yen. In Kanagawa and Chiba, the average sales price continued to fall. On the other hand, the average sales price of a second-hand apartment increased by 11.1% compared to the previous year to 21.74 million Yen. This is the third month of continued increases.

The number of properties selling for over 20 million Yen is increasing, with an increase of 1% from the previous month and four continual months of increases.

Source: Nikkei Shimbun, May 3, 2010.